HomeMy WebLinkAboutPCDC Resolution 94-12 09/07/1994
1 PETALUMA COMMUNITY DEVELOPMENT COMMISSION
2
3 RESOLUTION NO. 94-12
4
5 RESOLUTION APPOINTING FINANCIAL ADVISOR,
6 BOND COUNSEL AND UNDERWRITER FOR
7 PARK LANE APARTMENT MULTI-FAMILY REVENUE BONDS
8 AND AUTHORIZING THE CHAIR OR EXECUTIVE DIRECTOR
9 TO EXECUTE AGREEMENTS WITH THE FIRMS
to
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
WHEREAS, the PCDC has been requested to issue tax exempt multi-family
revenue bonds for the acquisition and rehabilitation of Park Lane Apartments; and
WHEREAS, the mortgage loan made with the proceeds will have FHA 241(f)
insurance under the U.S. Department of Housing and Urban Development New Title VI program
(LIHPRHA); and
WHEREAS, the issuance of bonds require professional services of a Financial
Advisor, Bond Counsel and Underwriter; and
WHEREAS., the Underwriter was selected through a competitive process that
compared the qualifications, experience and fees of the underwriters responding; and
WHEREAS, the Financial Advisor and Bond Counsel were selected based on
their qualifications and experience with this complex type of bond issue;
NOW, THEREFORE BE IT RESOLVED by the PCDC that:
CGMS, Inc. is appointed as Financial Advisor for the Park Lane Apartments
Multi-Family Revenue Bond. issue under the terms and scope of the agreement,
attached as Exhibit A, for a fee not to exceed $28,500.
2. Orrick, Herrington & Sutcliffe is appointed as Bond Counsel for the Park Lane
Apartments Multi-Family Revenue Bond issue under the terms and scope of the
agreement, attached as Exhibit B, for a fee not to exceed $35,000.
3. Newman and Associates, Inc. is appointed as Underwriter for Park Lane
Apartments Multi-Family Revenue Bond issue under the terms and scope of the
agreement, attached as Exhibit C, for a fee not to exceed $67,250.
4. The above fees, except for certain out of pocket costs, are to be paid solely from
the proceeds of the bond issue and are contingent upon issuance of the bonds.
5. The Chair or Executive Director is hereby authorized to executive the attached
agreements
94-12
~°
1
2 Adopted this 7th day of September, 1994 by the following vote:
3
4 Commissioner
5
6 Barlas
7 Hamilton
8 Parkerson
9 Read
1o Shea
11 Vice Chair Sobel
12 Chair Hilligoss
13
14
15
16
17
18
19 ATTEST:
20
21
22 P. .Bernard, Recording Secretary
~e No Absent
_. X
X
X
X
X
X
9.4-12
M: Patricia Hilligoss, Chair